Citigroup (and Merrill Lynch) got the bulk of the publicity, but a lot of other commercial-type banks will be announcing big write-downs for mortgage-related reasons. While the investment banking-oriented banks fared well (except for Bear Stearns) due to hedging activity, the others will not be so lucky. According to the Financial Times, JP Morgan will post a write-down in the $2.1 billion range. Bank of America will write down about $1 billion. In most cases, these write-downs will cover losses from leveraged loans and mortgage-related losses. Smaller banks will take losses as well. The big boys will be reporting over the next week or so. All of this could be setting the stage for some surprises.

For more:
- here's the Financial Times article